guide to Consolidated Financial Statements

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Steven Collings
Audit and Technical Partner
Leavitt Walmsley Associates Ltd
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The Companies Act 2006 (CA06) now requires medium-sized groups to prepare consolidated (group) accounts.

Under s399 of CA06, group accounts only have to be prepared where, at the end of a financial year, an undertaking is a parent company. A common question asked is whether this includes overseas subsidiaries. If a company is registered in the UK, those subsidiaries would need to be included within the consolidated financial statements.Thresholds

CA06, which is effective for financial periods beginning on or after 6 April 2008, specifies benchmarks for groups to qualify as a ‘small’ group where two out of the following three conditions must be met:

  • aggregate turnover must not be more than £6.5m net (£7.8m gross)
  • the ag...

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By Mr.M
05th May 2011 12:52

very good article

an excellent and reasonably detailed article.

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08th May 2011 23:13

Agree with Mr M. This is a very useful article. Thank you Steve.

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By Tickers
04th Dec 2013 14:24

Subsidiary Period end

I know this is a late contribution to the article, but does anyone know the implications where a subsidiary has a different period end?

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